[Bullish] Trump: Hassett will be the next Fed Chair

Hassett's full name is Kevin Allen Hassett, born in 1962. He holds advanced degrees from Pennsylvania, specializing academically in fiscal and tax-related fields. Early in his career, he worked at the conservative think tank "American Enterprise Institute." His tax stance advocates tax cuts to promote economic activity and improve capital market efficiency, while his fiscal policy takes a cautious approach, focusing on stimulating the economy through tax cuts rather than strict deficit control. He is dovish on monetary policy, criticizing Powell for being too conservative and slow in cutting rates. Who says foreigners don't understand personal relationships? These top elites are the best at flattering the boss.

It is foreseeable that if he is appointed Fed Chair, it would undoubtedly be a bullish signal for capital markets. However, in my opinion, the positive impact would be mostly emotional; the real market driver is still his boss Trump’s stance on aggressive rate cuts. Why is it only emotional? This relates to the mechanism of the FOMC meetings: the Fed Chair does not have absolute decision-making power and, in fact, does not even have a higher-weighted vote. The 12 committee members (7 permanent + 5 rotating) vote collectively to make decisions. However, the Chair can set the framework for meetings, such as which data to use for discussing certain decisions (part of the meeting process). But what if the data is manipulated? Haha, then whatever result Trump wants, that’s what he’ll get. After all, June’s nonfarm payrolls could be revised from 190K down to 15K, haha.

One more piece of information: How is the Fed Chair decided? It’s a two-step process: first, the President nominates; second, the Senate votes to confirm. Currently, the Republicans hold 53 out of 100 seats in the Senate, so as long as Trump nominates, it’s only a matter of time before it’s finalized.
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